Jerome Powell sworn in as new Fed chair

07/02/2018

Janet Yellen said she was disappointed President Donald Trump didn't offer her a second term as chairwoman of the Federal Reserve. While Yellen saw mostly low rates and inflation, Powell takes office as bond yields and inflation are rising. "I look forward to continuing to study the economy, especially issues related to the labor market, and contributing to public policy debates on a range of economic issues".

The has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank in 2004. However, the yields on government bonds are now at several-year highs, and the stock market ended Friday's extremely hard week in which Dow Jones lost 666 points on Friday. After her last day at the Fed on Friday, she will start a new job today at the Brookings Institution.

"My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks", Powell said.

The financial system is now "much better capitalized" and the banking system "more resilient" than they were entering the global financial crisis a decade ago, Yellen said.

"I've worked with Gov. Powell for five years, very constructively", Yellen said.

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